Examples of installment loans include which of the following?

Installment loans are types of loans that are paid back over time with a set number of scheduled payments. These payments typically consist of both principal and interest, making them predictable and easier to manage financially for consumers.

Home equity loans and education loans are prime examples of installment loans. A home equity loan allows homeowners to borrow against the equity in their home, requiring payments over a specified term. Similarly, education loans (such as federal student loans) are borrowed amounts that are repaid over time, typically after the borrower has completed their education, with fixed payment schedules.

In comparison, credit cards and personal loans are generally revolving credit accounts or unsecured loans that do not require fixed installment payments, which is why they do not qualify as installment loans. Payday loans and cash advances are typically short-term, high-interest loans requiring full repayment soon after borrowing, making them distinctly different in structure from installment loans. Mortgage loans are indeed an example of an installment loan; however, business loans can vary widely in structure and may not always fit the definition of an installment loan as they can have flexible repayment terms and structures.